Old National Bancorp (NASDAQ:ONB) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “

Separately, BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $21.00.

Shares of ONB stock traded up $0.08 during trading hours on Wednesday, reaching $16.74. 447,588 shares of the company were exchanged, compared to its average volume of 807,923. Old National Bancorp has a fifty-two week low of $14.45 and a fifty-two week high of $20.95. The business has a fifty day moving average price of $16.50. The firm has a market cap of $2.94 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.57 and a beta of 0.98. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.82 and a current ratio of 0.82.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Monday, April 22nd. The bank reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. Old National Bancorp had a net margin of 23.07% and a return on equity of 8.43%. The company had revenue of $196.60 million for the quarter, compared to analyst estimates of $198.64 million. During the same period in the prior year, the business earned $0.34 earnings per share. Old National Bancorp’s quarterly revenue was up 13.5% on a year-over-year basis. As a group, sell-side analysts predict that Old National Bancorp will post 1.34 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.13 dividend. The ex-dividend date was Friday, May 31st. This represents a $0.52 annualized dividend and a yield of 3.11%. Old National Bancorp’s dividend payout ratio is currently 40.31%.

In related news, insider Daryl D. Moore sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.15, for a total value of $171,500.00. Following the transaction, the insider now directly owns 85,979 shares in the company, valued at $1,474,539.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.41% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. LPL Financial LLC lifted its holdings in Old National Bancorp by 78.8% in the fourth quarter. LPL Financial LLC now owns 54,660 shares of the bank’s stock valued at $842,000 after buying an additional 24,086 shares during the period. Texas Permanent School Fund lifted its holdings in Old National Bancorp by 2.8% in the fourth quarter. Texas Permanent School Fund now owns 98,555 shares of the bank’s stock valued at $1,518,000 after buying an additional 2,695 shares during the period. Advisor Group Inc. lifted its holdings in Old National Bancorp by 4.8% in the fourth quarter. Advisor Group Inc. now owns 15,148 shares of the bank’s stock valued at $232,000 after buying an additional 690 shares during the period. Citigroup Inc. lifted its holdings in Old National Bancorp by 309.2% in the fourth quarter. Citigroup Inc. now owns 70,865 shares of the bank’s stock valued at $1,091,000 after buying an additional 53,545 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in Old National Bancorp by 2.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 195,972 shares of the bank’s stock valued at $2,782,000 after buying an additional 4,109 shares during the period. Institutional investors and hedge funds own 63.87% of the company’s stock.

About Old National Bancorp

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, interest-bearing checking, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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